IT security company Logic Industries Ltd. has begun firing 100 employees. "Globes" first reported on the layoff plan by the company, based in Yakum, north of Tel Aviv, in November.
Logic Industries has 850 employees. On Sunday, it began hearings for the employees slated to be fired. The process will reportedly take several days. Logic chairman and CEO Maj.-Gen. (res.) Amos Malka served as head of the IDF Intelligence Corps.
Sources close to the company said that the employees slated to be fired work in the company's "traditional" business. Logic is switching to new activities, which it says have higher growth potential, such as Internet of Things and big data.
Sources close to Logic's management say that the layoffs do not signal weakness at the company, that its profitability is good, and that it has a large orders backlog from key foreign customers. They add that the layoffs in the company's traditional business are paralleled by hiring in its new areas of activity.
Published by Globes [online], Israel business news - www.globes-online.com - on December 10, 2013
© Copyright of Globes Publisher Itonut (1983) Ltd. 2013